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NHPC may invest surplus funds in mutual funds market

NHPC may invest surplus funds in mutual funds market
PTI
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First Published: Tue, May 25 2010. 06 01 PM IST
Updated: Tue, May 25 2010. 06 01 PM IST
New Delhi: NHPC, the country’s largest hydro power producer, said on Tuesday that it may invest its surplus funds in the mutual funds market.
The National Hydroelectric Power Corporation (NHPC), which currently invests in long-term securities such as PSU bonds and fixed deposit receipts, is mulling over putting its excess cash into PSU mutual funds with LIC and SBI.
“Right now, we are exploring the possibility of investing surplus cash in mutual funds. We have to see whether it is worth it or not,” NHPC CMD S K Garg told reporters at the company’s annual press conference.
“We are already investing in long-term securities like PSU bonds, FDRs etc,” Garg added.
The government has allowed profit-making central public sector enterprises (CPSEs) to invest 30% of their money in public sector mutual funds.
Earlier, CPSEs were not allowed to invest in stock markets or mutual funds, with the exception of Unit Trust of India (UTI) schemes.
Meanwhile, the NHPC on Tuesday posted a 83.6% jump in its net profit to Rs2,175.56 crore for the fiscal ended 31 March , 2010, against Rs1,184.89 crore in the last financial year.
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First Published: Tue, May 25 2010. 06 01 PM IST
More Topics: NHPC | Mutual funds | PSU bonds | LIC | SBI |